Talking About Money: Why It’s Tricky Yet Necessary
As parents, we often wonder, ‘how are we going to teach our children about money?’ However, before we teach our children about money, we need to first deal with our own money issues. Our decisions around money are often influenced by our own upbringing, fears, and other deep-seated values that we need to unpack. (See also: how do we teach our kids about social media?)
Reevaluating Our Relationship with Money
We all have a relationship with money. And that relationship is playing out every single day in the choices we make surrounding money.
Now that we are adults who have our own families, we have to reevaluate how we handle money depending on our current values and situation. We also need to be flexible in guiding our kids about money. They have their own unique personalities and values, they will develop their own habits around money. (For example, if you notice that your kid is a hoarder, you can teach them how to responsibly spend from time to time.)
Changing the Language Around Money
We often talk to our kids about what they can’t have because it perpetuates a state of scarcity. However, a better approach is to show our kids that money is a constant evolution and learning. We can teach our kids that they can get what they want, but they can’t get everything they want. That they have to make priorities and choices when it comes to money.
Tips for Having the “Money Talk” with Your Family
Join us in this episode to learn tips on how we can have the “money talk” with our family! We will discuss how to create your family money values, better ways to talk money with your spouse, age-appropriate money practices to teach your kids, incorporating money habits with our social values, and creating a money journal.
- How to create your family money values
- How to talk money with your spouse without ending in a fight
- What are age-appropriate money practices you need to teach your kids
- How to incorporate money habits that reflect your social values
- Why you need to create a money journal
“Write down all the ways you’ve won when it comes to money, then create small habits that could improve those wins.” – Chelsea Brennan
Money Is a Journey Aligned with Our Values
We need to understand that money touches almost everything that we do. So we have to learn and teach our kids that money is a journey that we align with our values and decisions.
Chelsea is the founder of Smart Money Mamas and its monthly membership community, the Motivated Mama Society. An ex-hedge fund manager turned financial educator, she is dedicated to changing the way we talk about money, helping moms connect with all aspects of their money in a way that lets them overcome emotional blocks, identify what they most want, and create the healthy money habits that help them achieve their biggest goals. All while modeling positive money relationships for the next generation. Chelsea lives in Connecticut with her husband (a rockstar stay-at-home dad) and two young and energetic boys.
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